Kabbage introduces Kabbage Checking for U.S. Small Businesses

By Pavithra R

Kabbage, an American Express Company, has announced the launch of Kabbage Checking, the first business checking account offered by American Express and built for U.S. small businesses.

With an annual percentage yield (APY) of 1.10% on balances up to $100,000, Kabbage Checking aims to help SMBs grow, with no monthly maintenance fees, no set-up fees and convenient on-the-go features, all backed by American Express.

American Express has also begun offering Kabbage Funding to existing customers with plans to make it more broadly available later this year. Kabbage Funding offers small businesses the opportunity to apply for flexible lines of credit between $1,000 and $150,000. Together, these products are a part of an integrated platform from Kabbage, combining data-driven products, including payment processing and business insights, to help U.S. small businesses manage their cash flow.

“Small businesses should not have to sacrifice the features they expect from a bank in order to experience the benefits of an affordable business checking account. Kabbage Checking is built to give small businesses the flexibility of mobile banking—from in-app account management to mobile check deposits—with the convenience of a traditional bank—including in-person cash deposits, free ATM access, and a compelling APY to directly support our customers’ growth,” said Gina Taylor Cotter, Senior Vice President of Strategy and Business Operations at Kabbage, an American Express Company.

Small business owners can apply online for the business checking account, regardless of their business’s age or revenue and there are no minimum balance requirements. Customers leveraging Kabbage Checking will benefit from:

• Free in-network ATMs: Withdraw funds at over 19,000 ATMs.
• Mobile check deposits: Deposit eligible checks using the Kabbage app.
• Kabbage debit card: Access ATMs, deposit cash and add to digital wallets.
• Reserves: Organize money for specific savings goals or categories.
• Bill pay: Set up recurring payments to vendors.
• Customized checks: Pay vendors, cover payroll and more.
• In-person cash deposits: Deposit funds at 90,000 participating retailers nationwide.

“If you have the option to open a business checking account, or switch to one with better terms, I think it’s a no-brainer. I’ve tried multiple accounts, and for me, Kabbage Checking can’t be beat. It’s the best I’ve found so far,” said Tom Anderson, a Kabbage Checking customer and bestselling author and financial advisor.

Kabbage Checking and Kabbage’s integrated solutions are part of American Express’s expansion beyond its Card business to deepen its relationships with U.S. small businesses. The launch marks the first of several new digital cash flow management solutions from American Express.